Wednesday, 25 November 2015
Last updated 33 min ago
Mar 26 2010 | 4:01am ET
Ponzi scheme victims would have recourse to millions in new tax breaks under a bipartisan proposal introduced yesterday in the U.S. Senate.
The measure, sponsored by Sens. Charles Schumer (D-N.Y.) and Jon Kyl (R-Ariz.), would extend the tax breaks to indirect investors in Ponzi schemes. Currently, indirect investors are eligible for neither existing tax breaks nor to file claims with the Securities Investors Protection Corp. That would be a boon to thousands of investors who lost money in Ponzi schemes through their investments in pension funds, funds of hedge funds or feeder funds—such as many victims of the Bernard Madoff scandal.
The bill would also extend tax breaks—previously available only to victims who lost money only in taxable accounts—to users of pre-tax individual retirement accounts.
The relief would be available to victims of Ponzi schemes uncovered in 2008 and 2009, but might not cover frauds uncovered this year.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…